洪清華：看企業的本質，其實就是價值投資。這家企業我能不能看懂，我不能看懂，絕對不會追這種風潮，好像在一個風口，所有人都投進去，我看不懂就不投。當我看得懂的時候，我也認可這個創始人的時候，我們就投進去，基本上失敗率很小的。因為我們自己做過企業，我知道這家企業它拿著各種數據來的話，我們不僅僅看數據。

Qinghua Hong: It depends on the core of acompany. It is actually about value investment. Its up to if I can understand the business pattern. If I cant understand it, I will never blindly follow this trend. It seems like an upsurge opportunity where everyone wants to investin it. If I dont understand it, I wont invest. If I understand it and acknowledge the founder, we will invest. The failure rate was basically very low. Because we have operated a business ourselves, we dont just focus on the performance data if a company shows up with various data evidence.

你看現在很多的投資家、很多投資者只看別人的數據，不看背後的邏輯，很多東西都是表象。除了看數據，我們還看企業數據背後反映的企業經營狀況，其實這是完全不一樣的。我會到他們企業裡面跟創始人聊，跟所有的高管聊，甚至跟它的基層員工、中層幹部聊。他們的表現和狀態能反映這個企業的未來。

See the investors nowadays. Many of the monly pay attention to the data, yet do not focus on the logic behind. A lot of things could be superficial. In addition to reading the data, we also care about the business conditions reflected in the corporate data, which could be completely different. I would talk to the founders of the company, all the executives, even their entry-level employees and intermediate-level managers.Their performance and status can reflect the future of the business.

甚至晚上我們去看這家企業是不是有加班，企業所有活動我們都會去看，它的企業文化到底怎麼樣。一家企業高速增長，你只有數字是不行的，背後一定要有使命、願景和價值觀，我們特別看重這一點。你看企業裡面辦公的時候，很多人是很懶散，或者在睡覺，或者走路都是跑著，這個反映一家企業的狀態。

Sometimes we would even go check if people work overtime. We would check all the activities of the company, and its corporate culture. The fast growth of a firm cant be solely reliant on performance data. There must be a mission, vision and values behind it, which we especially value. When you take a look at the office inside the company, you would see many people look lazy or are sleeping, or running instead of walking, which reflects the state of a company.

艾誠：在你過去18年經營旅遊行業的創業過程中，發現偶爾做一些天使投資的回報也很高，為何不繼續投，反而回歸到實業只做產業投資呢？

Gloria Ai: During the 18 years of business operation in the tourism industry, you found out that occasionally the return of angel investments could also be very high. Why did you return to industrial investments only instead of continuing with angel investments?

洪清華：我覺得首先是企業，我們企業也在不斷做強做大，需要我更專註在這個行業裡面，專註在我的企業本身裡面。第二，每個人的人生都有一個意義系統，比如我認為我就不僅僅是為了賺錢，我就應該在某一領域裡面做到出類拔萃，這是我在大學創業時候就想的，不管哪個行業，我一定要在這個領域裡面出類拔萃，為這個領域裡面做點事情，這是我當時所想的。

Qinghua Hong: I think my company is my priority. Our company is constantly growing stronger and bigger. I need to focus more on this industry and my own business. Secondly,everyone has their own life purposes. For example, I think my life is not just about making money. I should strive to be outstanding in a certain field. I have had this thought since I started my own business at school. Regardless of industries, I must be outstanding in a certain field and do something for this field. This is what I thought at the time.

故事二：

Story No.2:

2008年，中國旅遊業進入大眾消費時代，遊客數量越來越多，產業蛋糕也越做越大。2013年，我國旅遊出境人數首次躍居世界第一位，並將第一的位置連續保持到今年。

In 2008, Chinas tourism industry entered the era of mass consumption with an increasing number of tourists and a larger industry scale. In 2013, the number of Chinese tourists traveling overseas ranked first in the world for the first time, and maintained at the top todate.

然而數字表面光鮮的背後，是令人詫異的事實：中國有三萬多家景區，80%卻都處於虧損狀態；三萬多家旅行社，大部分都掙紮在生死線上；12830家星級酒店，全行業虧損，每一年損失達到幾十億。

However, behind the fascinating numbers hides a surprising fact: 80% of over 30,000 scenic spots in China are operating at a loss; most of over 30,000 travel agencies are struggling to survive; 12,830 star hotels are losing money. The loss of the whole industry reaches several billion yuan on a yearly basis.

洪清華有著他自己的思考：遊客要的是住在風景裏，而我們往往給的是城市中心，遊客要的是說走就走的旅行，而我們提供的很多是綁定的線路；遊客要的是當地特色美食，而我們供應的卻是標準團餐。總而言之，我們提供的，都不是遊客想要的，只有IP，纔是旅遊產業的新密碼。

Hong Qinghua has his own thoughts: tourists want to be surrounded by the scenery, yet we often offer city views; tourists want an impromptu trip, yet many of the travel routes provided are fixed; tourists want local specialties, yet we supply standard group meals. All in all, what we offer is not what tourists want. Only IP is the new key to the travel industry.

就像國內主題公園的大佬，雖然曾經對迪士尼將美國風格的品牌帶到中國表示不屑，但對比上海迪士尼樂園僅一年就吸引1100萬名遊客、僅一年就實現盈利的境況，國內主題公園的客流量卻一直令人失望。

Take the tycoons of domestic theme parks as an example. Although they despised Disney for bringing American-style branding to China, Shanghai Disneyland attracts 11 million tourists and achieves profitability within just one year. In comparison, domestic theme parks traffic has been disappointing.

按洪清華的邏輯，「旅遊投資並非沒錢賺，而是投資要有專業性」，說到此處，他開玩笑地說：「跟著洪清華投可以」。

Based on Qinghua Hongs logic, "Tourism investment is not non-profitable, but investments must be made professionally." At this point, he jokingly said: "You can follow Qinghua Hong and invest."

艾問洪清華：為什麼80%的景區都虧損？

Why are 80% of the scenic spots losing money?

洪清華：第一大坑就是做主題公園，投資100多億，五六十個億，然後在一個三四線城市，其實那個市場都很難支撐的，你投進去了。表面上一算，那個地給你零地價，甚至是很低的價格，好像你算得過來，其實最後算不夠賬。因為你的旅遊本身沒做好過後，你給土地的增值空間是有限的，所以就虧了，這是第一。

Hong Qinghua: The first big trap is to invest in a theme park, which costs more than RMB 10 billion yuan or 5-6 billion yuan, and locate the park in a third- or fourth-tier cities, however infact, the market cant provide enough support for your investment. It seems cost-effective when the land costs you nothing or minimum investment, but eventually the revenue cant cover the costs. You suffer losses due to bad tourism management and limited raise in land value. This is the first trap.

第二大坑就比如市場上很多渠道，在線旅遊的公司很多以前有各種各樣垂直類的公司，很多天使投資、風險投資進來的時候，整個在線旅遊公司一年有幾十個投資案例，最後一看還是不賺錢的，甚至有很多倒閉的，這也是一個坑。看起來好像市場很大，其實很多裡面已經形成定局的地方，其實你已經錯過了那一輪風口過後，錯過了那一輪機會，你不能再投了。

Secondly, for instance, there are numerous channels in the market. Many online travel companies used to have a variety of vertical companies. When many angel investments and venture capital kick in, dozens of online travel companies receive investments in the entire industry within a year. In the end, many of them couldnt generate profit and even endup in bankruptcy. This is also a trap. It seems that the market scale is large. In fact, the market has already formed a fixed layout. Once you missed the round of investment opportunities, you cant invest any more.

第三個，比如你看重了很多景區，你說應該是自然增長30%、40%，一口氣投進去，七八個億、十幾個億，有很多。很多你投的錢都做了景區的基礎設施，但並沒有增加景區的吸引力，沒有增加景區消費的項目，沒有增加景區二次吸引大家來的項目，最後投進去，一下子覺得遊客量並不增長，相反還降低了，這也有的。

Thirdly, lets say you eyed a lot of scenicspots and expected a natural growth of 30%-40%. Then you invested in a lump sum of seven hundred and eight hundred million yuan or over a billion yuan. You invested a lot in the infrastructure of the scenic spot, but did not increase the attraction or consumption opportunities of the scenic spot or motivations for tourists to visit again. Consequently, the number of tourists didnt go up. It sometimes even went down on the contrary.

第四個，現在的文創行業裡面，旅遊買買買，你看以前旅遊購物都是賺錢的，很多人認為現在應該要整合了，重新投資遊客服務中心、旅遊綜合體，虧了。遊客服務中心，現在中國很多投資一個多億，甚至投資七、八個億的都有，沒有一個賺錢的。

Fourthly, in the current cultural and creative industry, people shop a lot while traveling. You see that travel shopping used to be very profitable. Nowadays, many people think that travel shopping should be regulated, so they reinvest in tourist service centers and tourism complexes, and thus lose money. A lot of Chinese investors invest morethan RMB one hundred million, or even seven or eight hundred million in building tourism service centers, but no one makes a profit out of it.

故事三：

Story No.3:

雖然在OTA領域還暫未形成BAT三分天下的格局，但三家也是寸土必爭。11月26日，同程藝龍在香港聯交所敲響上市的響鑼，最開心的莫過於其背後「金主」——騰訊和攜程。

Although the Online Travel Agency (OTA) sector hasnt been dominated by the three monopolies, Baidu, Alibaba and Tencent (BAT), they still compete fiercely for market shares. On November 26th, http://LY.com and eLong were listed on the Hong Kong Stock Exchange, and the happiest ones were the "investors" behind them - Tencent and Ctrip.

但相比於「騰訊系」的同程藝龍、「百度系」的去哪兒、「阿里系」的飛豬和窮遊網，洪清華的「驢媽媽」總有些顯得格格不入，似乎刻意與BAT、主流OTA保持著一定的距離。

However, compared to the http://LY.com and eLong from the "Tencent clan」, Qunar from the "Baidu clan", Alitripand http://Qyer.com from the "Alibaba clan", Qinghua Hongs Lvmama doesnt seem to fit in. It seems like he is deliberately keeping some distance from BAT and mainstream OTA.

實際上，在驢媽媽2008年成立之時就已獲天使投資。2009年，驢媽媽完成數千萬元的A輪融資。2010年，又獲得紅杉資本和鼎暉創投的B輪億元注資。2011年，驢媽媽的C輪融資，投資方為江南資本與紅杉資本。2013年驢媽媽的投資方為線性資本。

In fact, Lvmama obtained investments fromangel investors when founded in 2008. In 2009, Lvmama completed the A round financing of RMB tens of millions yuan. In 2010, it also received the B round capital injection from Sequoia Capital and CDH Venture Capital. In 2011, Lvmama received the C round financing from Jiangnan Capital and Sequoia Capital. In 2013, Lvmamas investor was Linear Venture.

只是這些投資方的身影中，未曾出現過BAT。走得早，並不意味著走得遠。身為市場先行者的驢媽媽，面對雄心勃勃的BAT，不知在資本市場上是否會顯得捉襟見肘？

However, BAT was never among the investors. Starting early does not mean going far. As a market leader, in the face of ambitious competition from BAT, will Lvmama be able to handle BAT in the capital market?

洪清華對此有著自己的解釋：「剛開始，我就是要拿天使的或者拿純粹VC、PE的錢。越到後面，我越是覺得更多應該要產業的錢，所以我沒有拒絕任何的錢，我只是選擇了當時最適合我的。」

Hong Qinghua has his own explanation for this: "At first, I just wanted to take investments from angel investors or purely VC/PE. Later on, I started to feel strongly that I should have asked for investments from the industry. I did not refuse any investments. I just chose the ones that were right for me at the time."

艾問洪清華：BAT的錢，你不要？

You dont want BATs investment?

洪清華：我是這樣的一個融資邏輯。剛開始我就是要拿天使的或者拿純粹VC、PE的錢，因為他們就是為了賺錢，他們就是要想賺錢，幫助我企業成長，它能賺錢，很單純的。所以剛開始的A輪、B輪、C輪都是這些錢，到了D輪的時候，我覺得這時候別人出來給我錢之外，能夠給我在產業上帶來幫助，所以我就要了錦江的錢。越到後面，我越是覺得更多應該要產業的錢，所以我沒有拒絕任何的錢，我只是選擇了當時最適合我的。

Qinghua Hong: My financing logic is as follows: at the beginning, I just wanted to solely take investments from angel investors or VC/PE, because they just wanted to make money. Helping my business grow can realize that, which is simple logic. So I received same types of funding during the A, B and C rounds. When it reached the D round, I felt that besides from funding support, I could also use some industrial support, so Iaccepted Jinjiang Internationals investments. The later the stages were, the more I felt that I should have obtained more investments from the industry practitioners, but I did not reject any funding offers. I just chose the one that were right for me at the time.

艾誠：這樣的融資經歷對你現在做投資的時候有什麼幫助嗎？

Gloria Ai: Does such financing experience help you when you make investments now?

洪清華：有幫助，我融過錢就知道資本需要什麼東西，資本哪一些看法是對的，哪一些看法是不對的。也有投資人有一些建議對我有幹擾的，但是我們要正確地去看待。所以這時候我就知道我既是一個創業者，又是一個投資者的時候，我就以創業者的心態來看別人，來做投資，這個成功率會更高。

Qinghua Hong: It is helpful. Since I have raised funding before, I know what investors desire for and whether their viewpoints are right or not. There are times where investors suggestions interfered with my own vision, but we have to treat it objectively. So at this point, since I know that I am both an entrepreneur and an investor, I will evaluate opportunities with the mind set of entrepreneurs and make investments, which has a higher success rate.

艾誠：對於正在成長為企投家的朋友，你有什麼想對他們建議的？

Gloria Ai: For those who are transforming into entrepreneurial investors, do you have any suggestions for them?

洪清華：如果要做企投家，第一步要做好企業，第二步再以做企業的心態和理念去做投資，你一定能看清那個企業的本質，一定會少有很多坑，少趟很多坑，這個是很重要的。先做投資的，再做企業的，很多就是資本助長的模式，因為他那時候看的是大勢。

Qinghua Hong: If you want to be an entrepreneurial investor, the first step is to manage an enterprise well. The second step is to make investments with the mentality and belief of operating abusiness. In this way, you can certainly see through the core of that enterprise and avoid a lot of traps. This is very important. If you start with making investments and then operating a business later, it would be acapital-supported mode, which is reliant on the macro market trend.

我看了好幾個先做投資、再做企業的企投家，他是以投資的理念去做企業，和以企業的理念去做投資，其實兩種不同的方向，沒有誰對誰錯，但是你自己想走什麼路。我覺得如果更穩健的話，是先做好企業，先懂得一家企業，再去做投資。

Some entrepreneurial investors who invest first and then manage a firm are actually managing a business with the mentality of investing, which is the opposite direction of making investments with the mentality of operating a business. There is no right or wrong. Its your choice to choose a path for yourself. But I think the more reliable way would be to manage a firm well first and understand a company, then invest.

—END—

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